MACKEN COMPANIES ACQUIRES KOYA BAY DEVELOPMENT SITE ON THE INTRACOASTAL WATERWAY IN NORTH MIAMI BEACH

NORTH MIAMI BEACH, Fla. (July 22, 2021)—Macken Companies, a vertically integrated real estate firm with development, construction, and brokerage entities, today announced the acquisition of a vacant waterfront site at 4098 NE 167 St. directly on the Intracoastal Waterway in the Eastern Shores neighborhood of North Miami Beach. The developer acquired the 26,773-square-foot site from an entity of CMG Capital, led by Shawn Chemtov, for $3.25 million. LV Lending provided the financing. Closing took place July 16^th.

Macken Companies has obtained approval from the City of North Miami Beach to develop Koya Bay, a luxurious collection of 10 four-story townhome residences, each with a boat slip, elevator in residence, expansive rooftop terrace and two-car garage with optional car lift.

“I have had my eyes on this site for a very long time and we are excited to deliver a project designed to capture the opportunity this beautiful property presents,” stated Alan Macken, CEO Macken Companies. “Koya Bay is an intracoastal waterfront paradise with no fixed bridges and just minutes from the Haulover cut and sandbar. We thank LV Lending for recognizing the value this project will bring to the community and for placing their trust in our team.”

Koya Bay’s prime cul-de-sac location is buffered by water on three sides, providing direct and unobstructed views of the Intracoastal Waterway. The guard-gated community offers three, four and five-bedroom floorplans that range in size from 4,327 to 5,288 square feet. Pricing starts at $2.15 million. Sales are underway.

Macken Companies has once again teamed up with the esteemed Randall Stofft Architects and Witkin Hults Design Group to design tropical modern townhomes that blend natural materials and earth tones with open floor plans designed to invite the waterfront into each level. Residences feature elevated ceilings, Wolf appliances and custom wood cabinetry. The rooftop terraces combine both enclosed air-conditioned space with open area equipped with a jacuzzi and summer kitchens. Each unit includes a private dock outfitted with water and electricity.

Koya Bay is one of the only new waterfront townhome communities currently available in Miami-Dade County. Residents will enjoy an abundance of conveniences and amenities, including membership to an exclusive boat club, and the beautiful Oleta River State Park, a 1,043-acre Florida State Park on Biscayne Bay just across the street, with mountain bike trails, running paths, kayaking and fishing.

Eastern Shores is accessed via the 163^rd Street Causeway, which connects to US-1 and A1A. The City of North Miami Beach is centrally located 12 miles north of Miami and less than 20 miles south of Fort Lauderdale. Koya Bay is just minutes away by car or boat from the beach, Haulover Marina which provides ocean access, and two of Florida’s premier shopping destinations, the Aventura Mall and legendary Bal Harbour Shops.

Macken Realty is the exclusive sales agent for Koya Bay. Sales are currently underway. For more information, call (844) 278-4430 or visit http://www.koyabay.com.